Azerbaijan’s state oil fund SOFAZ reduces gold share of portfolio to 35.6% during Q1

Azerbaijan’s sovereign oil fund SOFAZ has 'cut the share of gold in its investment portfolio from 38.2% to 35.6% in the first quarter of 2026, down from 38.2% by the end of the year 2025.

SOFAZ has sold 21.9 tonnes gold in the first quarter. This brings its total gold reserves down to 178.1 tonnes, from 200 tonnes.

This was still a significant increase from the gold holdings of the fund at the end Q1 of last year, when they accounted for?165.3 tons, or 25.8%, of the portfolio.

The report shows that the fund's assets dropped to $73.516 Billion in the first quarter of 2026, from $73.541 Billion at the end 2025. However, they were still up from $62.740 Billion at the end?of the first quarter of 2025.

SOFAZ, established in 1999 to manage Azerbaijan’s hydrocarbon revenue and support long-term stability macroeconomically, has been diversifying its investment portfolio over the past few years.

It collects revenue from oil and gas exports, bonuses and 'transit fees' and channels its resources to strategic state projects and budget assistance.

(source: Reuters)